The U.S. dollar continued to surge in the wake of the Federal Reserve's rate-raising campaign on December 15, posting a 14-year high against the euro and other major currencies.

The outlook for stronger U.S. growth next year as a result of President-elect Donald Trump's economic stimulus plans prompted J.P. Morgan to predict the euro will reach parity with the dollar in the first quarter of 2017, with other top banks predicting parity later in the year.

The dollar's sharp ascent has put pressure on emerging market currencies and stocks, driven by a surge in U.S. Treasury bond yields. The higher U.S. rates are attracting funds currently invested in emerging markets and forcing central banks from Mexico to South Africa to raise interest rates to defend their currencies.

The currencies of some oil-rich countries like Russia, however, have resisted the weakening trend and continued to strengthen because of the recent surge in oil prices. Russia's ruble strengthened by 1 percent against the dollar on December 15.

The currencies of other emerging economies, including Serbia, Kazakhstan, Ukraine, and China, continued to slump against the dollar on December 15.